Japanese Candlesticks Analysis 21.05.2020 (GOLD, NZDUSD, GBPUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, after forming a Hanging Man pattern, XAUUSD has reversed; right now, it is correcting downwards to reach 1730.00. If later the price rebounds from this level, the uptrend may resume. In this case, the upside target may be at 1777.00
NZDUSD, “New Zealand vs. US Dollar”
As we can see in the H4 chart, NZDUSD is testing another resistance level; it has already formed a Shooting Star reversal pattern. At the moment, the pair is reversing. The current situation implies that the price may form a slight correction towards 0.6072 and then resume moving upwards. In this case, the upside target may be at 0.6220.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after forming a Hammer pattern and rebounding from the support level, GBPUSD has reversed. At the moment, the pair is expected to continue forming the descending impulse. The downside target remains at 1.2010. However, there is another scenario, which implies that the instrument may return to 1.2340.